By Julian Lee (Bloomberg) -- Russia’s giant Soviet-era oil pipeline is a vital piece of Europe’s energy infrastructure, carrying crude to refineries across the region. This week it’s been hit by probably the biggest crisis in its 55-year history: both branches of the Druzhba pipeline have been closed due to the presence of contaminated crude oil that can cause serious … [Read more...]
U.S. Gulf Gets Least Crude in Decades as Iraqi Imports Dive
By Sheela Tobben (Bloomberg) -- The U.S. Gulf Coast imported the least amount of crude in nearly three decades as shipments from Iraq plummeted and congestion lingered on a critical waterway weeks after a blaze and chemical spill at the Intercontinental Terminals Co. tank farm. The Gulf Coast took just 1.4 million barrels a day of crude last week as Iraqi oil imports fell to … [Read more...]
Occidental Emerges as Heavy Hitter in U.S. Oil Export Boom
By Devika Krishna Kumar and Florence Tan NEW YORK/HOUSTON, March 11 (Reuters) - Occidental Petroleum Corp has emerged as one of the biggest exporters of U.S. shale oil, rivaling large trading firms and oil majors, in a market now worth more than $150 million every day. It is showing no signs of slowing down, with plans to double crude exports to 600,000 barrels per day … [Read more...]
BIMCO: 2018 Has Been ‘Historically Bad’ for Crude Oil Tankers
The first half of 2018 has been a historically bad year for crude oil tankers as earnings hit their lowest level on record in heavy loss-making territory, according to shipping industry association BIMCO. Earnings for Very Large Crude Carriers (VLCCs) in the first half of 2018 were as low at USD 6,001 per day on average, with a Suezmax tanker earning USD 10,908 per day … [Read more...]
Crude Surges to 3 1/2-Year High After U.S. Stockpiles Plunge
By Jessica Summers (Bloomberg) -- Oil rose to a level last seen in late 2014 after U.S. crude stockpiles tumbled by the most since September 2016. Futures rose as much as 3.4 percent in New York on Wednesday. Domestic crude inventories declined by 9.89 million barrels last week, while refiners boosted oil processing rates and exports soared to a record, the Energy … [Read more...]